CalPERS was flying high at the end of 2005, when the largest pension fund in the country hit $200 billion in assets under management.
Officials at the fund went as far as to hand out custom $200 billion key chains (no, they werent made of gold). The markets have taken a toll, though, and assets are now below that watermark.
The California Public Employees Retirement System, Sacramento, had $195.7 billion on Oct. 13, down from a peak of $260.4 billion on Oct. 31, 2007, said Patricia Macht, spokeswoman.
But dont return your key ring yet.
We have a new idea for the key chains. Rename them the CalPERS Keep the Faith key chain as a reminder that, over time, markets do rebound, joked Ms. Macht. Raquel Pichardo